Finance

2004 was the year when we returned to further growth and profitability after 2003 which is the only year where we had no growth and no profit. Having got back on track we all like to check the subsequent year to verify that we are back on the path of sustainable profit and growth. With our books closed for 2005 we are happy to report that this was the case!

The year showed a growth of almost 20% as net turnover went from 41 MEUR to 48 MEUR. Gross profit ended at 6,2 MEUR (7,4) of which 4,1 MEUR was attributable to aircraft operations and 2,1 MEUR due to aircraft management. After deducting sales and administration costs our operating profit unfortunately decreased by 26% down to 3,5 MEUR (4,8).

Deeper analysis revealed there were good reasons for the lower operating profit in 2005. We had more heavy aircraft maintenance this year compared to 2004. As we do not have any accumulated reserves for heavy checks and unscheduled maintenance this resulted in an increased operating cost of 1 MEUR.

Market in general continued to show an increased demand for air transport. With this increase in demand we saw new operators entering the market. To our great delight we saw more operators of the BAE Systems ATP, which was pioneered by us into a freight aircraft.

At West Air we all look forward to the year that lies in front of us and enjoy the uncertainty regarding destination - we just fly!